Compilation Process Quiz

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the first stage of the compilation process?

Adjusting entries under the Suspense Head
Posting in the Detailed Books (correct)
Preparation of the Abstract of major head totals
Preparation of Departmental Classified Abstracts

The Abstract of major head totals is prepared before the Departmental Consolidated Abstract.

False (B)

What document is used to ensure agreement after the receipt of accounts from the treasuries?

Cash Account and List of Payments

The transactions relating to Revenue receipts and service expenditure are adjusted in Detailed Book-I under the _______ Head.

Suspense Signup and view all the answers

Match the following components of the compilation process with their descriptions:

Departmental Classified Abstracts = Bring together monthly receipts and payments of each department Detailed Book Part -II = Contains adjusting minus entries under the suspense head COMPILATION sheet = Total sums of sub-heads/minor heads/major heads of accounts Departmental Consolidated Abstract = Shows the progressive totals of receipts and payments Signup and view all the answers

Which document is primarily checked to ensure agreement after receiving monthly accounts from the treasuries?

List of Payments (C) Signup and view all the answers

The final stage of compilation involves the posting of figures from the Departmental Classified Abstracts into the Detailed Books.

False (B) Signup and view all the answers

What is compiled to bring together monthly receipts and payments for each department?

Departmental Classified Abstracts Signup and view all the answers

After the first stage, the transactions relating to Revenue receipts are adjusted in Detailed Book-I under the _______ Head.

Suspense Signup and view all the answers

What happens after all the vouchers are posted in the COMPILATION sheet?

Totals are stuck and agreed with the total of the appropriate Schedule of payment. (D) Signup and view all the answers

The Detailed Book Part -II contains the adjusting minus entries under the suspense head.

True (A) Signup and view all the answers

What is the first step following the receipt of accounts from various outlets?

Checking the Cash Account and the List of Payments Signup and view all the answers

The preparation of routines in the compilation process eventually leads to the __________ Abstract of major head totals.

Abstract Signup and view all the answers

Match the following components of the compilation process with their purposes:

Cash Account = Ensures agreement after account receipt Detailed Book-I = Records Revenue receipts adjustments Suspense Head = Adjusts Revenue receipts and service expenditures Departmental Consolidated Abstract = Shows progressive totals of receipts and payments Signup and view all the answers

Which document summarizes the progressive totals of Revenue receipts and service payments?

Departmental Consolidated Abstract (B) Signup and view all the answers

Flashcards

Compilation of Accounts

The process of organizing and summarizing financial data from various sources into a consolidated report.

Detailed Books

Ledgers used to record specific financial transactions, such as debt, deposits, and remittance.

Suspense Head

A temporary accounting category used to hold transactions that need further verification and adjustment.